Investigators seek documents from Bridgepoint

San Diego firm says it is cooperating with separate civil probes

Bridgepoint Education said it has received demands for documents related to separate investigations from the Massachusetts Attorney General and the U.S. Securities and Exchange Commission.

The San Diego for-profit college operator said Monday that the Massachusetts demand is part of wide-ranging civil probe of for-profit colleges and whether their business practices violate the state’s consumer protection laws.

The state wants student information and complaints from Jan. 1, 2006 to present. The company, which operates Ashford University and University of the Rockies, said it is evaluating the request and intends to comply.

The U.S. Securities and Exchange Commission issued a subpoena for documents related to Bridgepoint’s May 30 announcement that it would restate financial results for 2013 because of flaws in the way it recognized revenue. The problem also led to errors in the company’s financial statements for 2011 and 2012.

Bridgepoint, whose Ashford University students mostly take classes online, said the restatement would likely cut 2013 revenue from $769 million to about $751 million. It also expects the restatement to boost net income from $41 million to about $46.5 million, while reducing its cash balance slightly.

The SEC wants documents from January 2009 to present. The company said it intends to comply with the subpoena.

Bridgepoint is scheduled to report second-quarter financial results on Aug. 5. Its shares closed Tuesday up 1 cent at $12.31 on the New York Stock Exchange.